Popularity of mobile devices, and interest of enterprises in optimizing cost would drive the adoption of cloud applications worldwide
The cloud applications market size is expected to grow from USD 171 billion in 2020 to USD 356 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 15.8% during the forecast period. The Banking, Financial Services, and Insurance (BFSI); manufacturing; telecommunications; and government and public-sector verticals are shifting toward the adoption of cloud computing services rapidly. The increased awareness of cloud applications, lower operational costs, scalability, agility, and enhanced customer experience are a few factors driving the adoption of cloud application among end users. Data security concerns, threats from cyberattacks, and lack of access to high-speed internet in a large number of countries are some of the factors that are hindering the growth of the cloud applications market.
Among applications, the customer relationship management segment to hold a significant market share in 2020
Cloud Customer Relationship Management (CRM) solutions are deployed over the cloud environment and make the use of cloud computing platforms and services to provide businesses with flexible business process transformations. CRM implementation revolutionizes management across large enterprises and Small and Medium-sized Enterprises (SMEs), helping them improve their relationship with the customers. Vendors offer cloud-hosted CRM solutions that efficiently help organizations manage and store the customer data, offer instant access to real-time insights of sales opportunities, and automate task management processes. With the ease of use and affordability, it increases customer retention rates making business more successful.
Among verticals, the retail and consumer goods vertical is expected to grow at the highest CAGR during the forecast period
The retail and consumer goods vertical is adopting digitalization initiatives at a rapid pace to meet the rising customer expectations and sustain the highly competitive market. Nowadays, consumers across the world are influencing product trends through reviews and social media, doing extensive product research online, and expecting a seamless omnichannel experience across all touchpoints. This make retailers face tremendous pressure to deliver new business capabilities faster. The use of cloud applications enhances agility and decreases time to market.
Asia Pacific to record the highest growth rate during the forecast period
The adoption of cloud applications in APAC has grown significantly in the last decade. Enterprises operating in APAC countries are looking forward to automating and streamlining the management of their day-to-day operations and gain differential competitive advantage by adopting cloud computing services. The use of technology-enabled cloud applications keep IT support teams better informed about service request and fix these issues with great accuracy. Smart cities initiatives taken by the government is acting as a catalyst for the growing adoption of cloud applications solution in APAC.
In-depth interviews were conducted with Chief Executive Officers (CEOs), directors, innovation and technology directors, and executives from various key organizations operating in the cloud applications market.
- By company type: Tier 1 – 15%, Tier 2 – 42%, and Tier 3 – 43%
- By designation: C-level – 62%, Directors – 20%, and Others – 18%
- By region: North America – 40%, Europe – 20%, APAC – 30%, MEA– 5%, and Latin America- 5%
Major vendors offering cloud applications across the region include Microsoft (US), Salesforce (US), Oracle (US), SAP (Germany), Google (US), Workday (US), Adobe (US), IBM (US), Infor (US), Sage Group (UK), Intuit (US), Epicor (US), IFS (Sweden), ServiceNow (US), OpenText (US), Cisco (US), Box (US), Zoho (US), Citrix (US), LogMeIn (US), and Upland Software ( US). The study includes an in-depth competitive analysis of these key players in the cloud applications market, along with their company profiles, recent developments, and key market strategies.
The market study covers the cloud applications market size across segments. It aims at estimating the market size and the growth potential of this market across different segments, such as applications, organization size, verticals, and regions . The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key benefits of buying the report
- The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall cloud applications market and its subsegments.
- This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies.
- It also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities